Analysis of All Project Costs in the COR to Determine Cost Basis For Land

With the City determinining its next steps in marketing the COR land, a detailed analysis of the expenditures spent-to-date on each project within the COR has been prepared with its offsetting funding source.  To determine an average net-per-square foot costs on remaining vacant land, those expenditures that were funded by city funds were used in the calculation.  Grants, County Funds, etc were not included.   

Note that there are two examples of square footage costs included in the itemized attachment.  A brief summary of these two examples are as follows:

Example 1:  $6.50.  This per square footage costs calculated the total of all city funds spent-to-date in the COR area.

Example 2:   $7.19.  The per square footage costs calucated the total of all city funds spent-to-date in the COR area plus the projected project costs of upgrading Bunker Lake Boulevard which is required due to the  2005 Joint Powers Agreement with Anoka County due to the COR development.

Only cost spent-to-date on the Armstrong Interchange project have been included in the per-square-foot calculation as the amount that the city will need to fund is unknown at this time. 

Discussion and review of analyis.  Informational only with determined per-square footage costs authorized at a later date.

Discussion of analyis.  No action to be taken until future date.